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Micron Tech to invest $2.7bn in setting up Guj unit
Hindustan Times
|June 23, 2023
Semiconductor company Micron Technology on Thursday announced it would invest in a $2.7 billion new manufacturing plant in Gujarat hours after the company's president and CEO Sanjay Mehrotra met Prime Minister Narendra Modi on June 21 in Washington DC.
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While the US-based Micron will invest up to $825 million in two phases of the project, the balance will come from entities representing the centre and the state of Gujarat, according to a company statement. The company has been in discussions with the Indian government and Gujarat state for over a year to set up the project.
Modi, who met Mehrotra on June 21 in the US, "invited Micron Technology to boost semiconductor manufacturing" in India, the Prime Minister's Office said in a statement, noting that India could provide "competitive advantages" in various parts of the semiconductor supply chain. The statement was issued on Thursday morning from New Delhi.
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